Gold Price News and Forecast: XAU/USD attempts bids amid coronavirus woes-led risk-aversion


Gold Price Analysis: XAU/USD bounces-back towards $1910 amid growing coronavirus woes

Gold (XAU/USD) has bounced-off daily lows near $1902, as the bulls fight back control amid a sell-off in the US Treasury yields, triggered by the coronavirus concerns-induced risk-aversion.

The benchmark US 10-year Treasury yields drop further below the key 0.80% level, now trading at 0.768%, down 1.40% on a daily basis. The pessimism surrounding the American fiscal stimulus, election uncertainty and dwindling economic recovery weigh negative on the higher-yielding US rates and benefit the non-yielding gold.

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GBP/USD

Overview
Today last price 1.3034
Today Daily Change -0.0011
Today Daily Change % -0.08
Today daily open 1.3045
 
Trends
Daily SMA20 1.2979
Daily SMA50 1.3009
Daily SMA100 1.2866
Daily SMA200 1.271
 
Levels
Previous Daily High 1.308
Previous Daily Low 1.3001
Previous Weekly High 1.3177
Previous Weekly Low 1.2895
Previous Monthly High 1.3482
Previous Monthly Low 1.2676
Daily Fibonacci 38.2% 1.305
Daily Fibonacci 61.8% 1.3031
Daily Pivot Point S1 1.3004
Daily Pivot Point S2 1.2963
Daily Pivot Point S3 1.2926
Daily Pivot Point R1 1.3083
Daily Pivot Point R2 1.3121
Daily Pivot Point R3 1.3162

 

Asia Market: The abyss awaits as lockdowns loom

The weaker USD and lower yields initially boosted gold overnight. Still, momentum has fallen prey to the possibility of EU nations’ lockdowns, triggered by a marked departure from the Euro.  And with gold investors not banking on pre-election stimulus – and that may even get delayed if the US elections results are contested – EURUSD levels might be a crucial bellwether for gold.

While the return of curfew type containment measures in the Eurozone has not notably unnerved the EUR bulls so far, the imposition of national lockdowns could see the Euro topple and provide the magnetic attraction to drag gold lower.

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